Oil prices slightly shifted today, even though the background did not seem to be supportive.
Brent benchmark broke above $72.60, however, met resistance and failed to extend a rally. Traders are closely monitoring the oil production by OPEC and the US crude oil reserves data.
A report published by the Energy Information Administration yesterday showed a weekly rise in the US stockpiles of crude oil of 5 million 783 thousand barrels that exceeded the previous increase as well as the expectations.
WTI crude oil is trading at around $62.15 and has no chance to improve anytime soon. Experts do not anticipate oil quotes to regain previous losses within this week. Investors keep looking at various factors that could affect the market.
The commodity currencies are still showing resilience to the greenback. The USD/CAD pair passed through its recent level of 1.3120 and approached 1.3090. The loonie gained momentum during the North American trade, following a report on Canada’s business activity. The index came in stronger than expected in October.
The ruble also strengthened against the greenback. The dollar/ruble pair went below 66.20. Analysts believe the pair might decline to 66.10.
Traders are looking forward to the outcome of the policy meeting of the US Federal Reserve and its statements on further monetary policy. In case a policy update coincides with the market expectations, the US dollar may get its strength back and continue putting pressure on the commodity assets.